Refer to Figure 18.1. The opportunity cost of hang gliders in Canada is
A) 1/4 of a bicycle. B) 1/2 of a bicycle. C) 2 bicycles. D) 4 bicycles.
C
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If autonomous investment increases by $200 billion and the marginal propensity to consume (MPC) is 0.5, then
A) real Gross Domestic Product (GDP) will rise by $100 billion. B) real Gross Domestic Product (GDP) will rise by $200 billion. C) real Gross Domestic Product (GDP) will rise by $400 billion. D) real Gross Domestic Product (GDP) will decrease by $100 billion.
What is the term that describes a situation in which one party to an economic transaction has less information than the other party?
A) monopsony B) asymmetric information C) inefficient market hypothesis D) unequal market structure
The Coase theorem states that when permits are non-tradable, the outcome will be optimal, regardless of who initially gets the permits
a. True b. False Indicate whether the statement is true or false
Market power refers to:
A.) the use of market prices and sales to signal desired outputs. B.) the ability and willingness to sell specific quantities of a good. C.) the ability of a firm to alter the market price of a good or service. D.) None of the above.